Lending to Borrower who have impaired credit or some other impairment that prevents them from qualifying for traditional lending products.
1st mortgage is?
a mortgage that is registered on title first in regards to timing with no impact in regards to size etc.
Accelerated mortgage payment is?
A payment larger than required to reitre the mortgage over the contracted amortization, having the effect of repaying the mortgage sooner and saving interest.
total amount of time contracted to repay a mortgage
Accredited Mortgage Professional designation awared by CAAMP
Assignment of Mortgage?
Transferring mortgage from one lender to another.
Allows a purchaser to take over the current homeowner's mortgage.
amount repayable at the end of the term
1/100th of one percent
Payment that includes a combination of principal and interest
combines a mortgage and a line of credit
Cash Back Option
Percentage of the mortgage loan is paid to the borrower by the lender
legal document outlining the terms of the mortgage, Charge/Mortgage is the document indicating debt registered against the title
No option to repay the outstanding principal blance unless the property is sold to an arm's length purchaser
Not exceeding 80% loan to value
Discharge of Charge/Mortgage
Document indicating debt has been removed from a title of a property
Equity Take Out (ETO)?
Removal of equity by refinancing of the property
Standard Charge Term?
Terms and conditions of the mortgage contract including remedies available to the lender upon default by the borrower.
process where an appraiser will use a commercial property's income to determine its value.
Banks: Schedule I, II and III?
I - Canadian Owned. II - subsidiaries of foreign owned banks. III - foreign owned banks
Act of public authority taking property without consent of an owner through a statutory/common law process.
Remedy for Lender to obtain title to defaulted Borrower's property and dispose of it. Any profit/loss belongs to Lender while borrower is debt free.
Bank, loan/trust company, credit union or caisses populaires
Institutional Mortgage Originaror?
individual employed by institutional Lender to provide suitable borrower to that institution for mortgage financing
Mortgage Default insurers?
inter that provides policy to lender to compensate for losses occured in mortgage transaction. CMHC, Genworth Financial and AIG.
Selling of a pool of mortgages to a third party
A mortgage that can be repaid at any time with a 3 month interst penalty or the interest rate differential is?
A partially open mortgage
Combined or bundled option?
STEP Mortgage, standard mortgage along with type of debt such as a line of credit. Every paymen on the mortgage would increas the amount availabe on the line of credit.
Take mortgage with you to a new home. If default insured and moved within 2 years then you do not have to pay premium for second time for either full amount or top-up portion of mortgage. (Rate protection, limited application)
Partially Amortized, blended constant payment mortgage - fixed rate is:
Partially amortized - indicated that there is a term involved, if no term it would be fully amortized (which is uncommon)
Blended Payment - combination of principal and interest
Constant - payment does not change throughout term